"13 May 2018" Archive

Are Free Credit Scores Really Free?

Now a day, top online financial aggregators are offering free credit report/score on yearly as well as on monthly basis, are these credit scores really free?...

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Posted Under: Finance |

Addition U/s. 68 for Capital contribution to firm by partner

Pr. CIT Vs. Vaishnodevi Re foils & Solvex (Gujarat High Court)

Pr. CIT Vs. Vaishnodevi Re foils & Solvex (Gujarat High Court) When the assessee has furnished the details with regard to the source of the capital introduced in the firm and the concerned partner had confirmed such contribution, the assessee had duly discharged the onus cast upon it. Thereafter, if the assessing officer was not [&hel...

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Film Projector entitled for higher rate of depreciation of 60%

Cine tech Entertainment India (P.) Ltd. Vs. Income Tax Officer (ITAT Mumbai)

Assessing Officer in disallowing the claim of Depreciation amounting to Rs. 91,87,713/- on the alleged plea that the Film Projector is to be depreciated @ 15% instead of 60%,...

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Re-Assessment notice after 4 years without Approval of CIT or CCIT is Invalid: Delhi HC

Commissioner of Income Tax Vs Gee Kay Finance & Leasing Co. Ltd (Delhi High Court)

1. Whether ITAT was correct in law in holding that the notice issued by the Assessing Officer u/s 148 of the Act beyond the 04 years after the end of relevant assessment year was bad in law as the necessary approval of Chief Commissioner or Commissioner of Income Tax as per the provisions of Section 151 (1) of the Act had not been obtaine...

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Provisions of DTAA prevails over Section 206AA : Delhi High Court

Danisco India Private Limited Vs. Union Of India & Ors. (Delhi High Court)

The Delhi High Court, while hearing the writ petition of DANISCO India Private Limited, has read down the provisions of section 206AA of the Income Tax Act, 1961 which mandates deduction of tax at source (TDS) at twenty percent on payments to non-residents since the provision of DTAA would prevail over the said provision....

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Mere Voluntary Surrender of Income not absolves assesse from Penalty: Delhi HC

Pr. Commissioner Of Income Tax Vs. Dr. Vandana Gupta (Delhi High Court)

A division bench of the Delhi High Court, last day held that mere voluntary surrender of income without disclosing its source cannot rescue assessee from facing penal consequences under the Income Tax Act....

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Loss on account of foreign currency fluctuations is allowable expense

DCIT vs. Indo Colchem Ltd. (ITAT Ahmedabad)

Fall in net profit rate due to dollar rate fluctuation (currency fluctuations): additions to income deleted in Indo Colchem case by Ahmedabad ITAT...

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For imposition of penalty law in force at the time when the return was filed would be applicable

ITO v. Nihon Parkerizing (India) (P.) Ltd. (ITAT Delhi)

Hon’ble ITAT upheld the position of law as iterated by CIT (A) that it is an established law applicable for imposition of penalty that law, as in force, at the time of filing of Return would be applicable. ...

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Margins derived on export of parts to AE are not comparable with margins derived from sales in domestic market

CIT V. Keihin Fie (P.) Ltd. (Bombay High Court)

Margins derived on export of parts to AE are not comparable with the margins derived from sales made in the domestic market. Besides, on facts, it was also found that not only the parts and finished goods are not comparable, but the class of customers to whom they sold is also different. ...

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Latest amendment in Pradhan Mantri Rojgar Protsahan Yojana Scheme

Latest Amendment to the PMRPY Scheme: dated 24thof April, 2018- Government of India will pay the full employer’s contribution (EPF and EPS both) as admissible from time to time w.e.f - 01.04.2018 for a period of three years to the new employees and to existing beneficiaries for their remaining period of three years through EPFO. The ter...

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Posted Under: Finance |

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